What’s Driving Pi Coin Price Higher as PI ETP Loses Steam?

Valour Pi (PI), an exchange-traded product (ETP) built to track Pi Network’s native cryptocurrency, has struggled to gain momentum with little market activity. 

Despite the lack of traction in the ETP, Pi Coin is beginning to show strength. The coin has surged to its highest level this month, fueling hopes of a broader recovery.

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Why Pi Coin’s Market Momentum Diverges From Its Fading ETP 

BeInCrypto previously reported that the Valour PI ETP launched in late August on Sweden’s Spotlight Stock Market. Trading in Swedish kronor with a 1.9% management fee, the ETP was hailed as a milestone for Pi Network’s integration into traditional finance.

However, over two weeks after its debut, the product has struggled to generate investor interest. Trading data from Spotlight showed declining volumes, with activity at times dropping to just a single trade per day. This signals a lack of enthusiasm in the European market. 

In contrast, Pi Coin itself has shown renewed momentum. BeInCrypto’s latest analysis suggested that a decisive move above resistance at $0.3469 could open the way toward $0.3587. Meanwhile, a drop below $0.3391 might trigger a retest of its all-time low at $0.3220.

The bullish scenario materialized as PI surged to $0.36 during early Asian trading hours, marking its highest price this month. According to data from BeInCrypto Markets, Pi Coin recorded a 1.73% daily increase. At the time of writing, it was trading at $0.352.

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This upward move is not happening in isolation. The broader crypto market has also seen an uptick, with all major coins in the green. Moreover, optimism around Pi Network’s co-founder appearing at Token2049, combined with growing altcoin season sentiment, may also be supporting the recent price gains.

Nonetheless, the modest increase is not yet sufficient to reverse the broader downtrend. Still, that has not deterred some investors from betting big on PI. According to data from PiScan, a whale wallet has been accumulating substantial amounts of Pi from the OKX exchange.

The whale bought 441,549 PI just a few hours ago and now holds a total of 373 million PI. Such large-scale purchases often signal optimism about a token’s long-term potential.

“Pi is going to print the largest green candle in crypto history, hands dow, and you will be proud you never gave up on PI,” a Pioneer posted.

Additionally, Pi Network has implemented a strategic reduction in its mining rewards to enhance token scarcity. A recent post from The Times of Pi Network on X announced that the base mining rate for September was cut by 1.23% to 0.0027405 PI per hour.